STIPULATED INSURANCE Meaning and
Definition
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Stipulated insurance refers to a type of insurance that is specifically agreed upon or mandated by a contract or legal requirement. This type of insurance is usually included as a provision in a contract or agreement between two parties, and its purpose is to protect one or both parties from potential risks or liabilities associated with the contract.
In a stipulated insurance arrangement, the terms, conditions, and coverage of the insurance policy are stipulated or predetermined by the contract or legal requirement. This means that the parties involved have agreed upon the specific details of the insurance policy, such as the coverage limits, deductibles, and premium payments, before entering into the contract.
Stipulated insurance is commonly used in various industries and sectors where there is a need to ensure that certain risks are adequately covered. For example, construction contracts often include stipulated insurance clauses to protect both the contractor and the client from potential damages, injuries, or liabilities that may occur during the construction process.
It is important to note that stipulated insurance typically applies only to the specific risks or liabilities outlined in the contract. It may not provide coverage for risks or liabilities that are unrelated or not specified in the contract. Therefore, it is crucial for all parties involved to carefully review and understand the terms and conditions of the stipulated insurance policy to ensure adequate protection.
Common Misspellings for STIPULATED INSURANCE
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